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NAPERVILLE, IL-A joint venture between GlenStar Properties LLC and Prudential Real Estate Investors is the winner in the quest to land OfficeMax Inc.'s headquarters. The company, now headquartered in Itasca, has chosen 263 Shuman Blvd., a 19-year-old, 361,000-sf office building in the Naperville Office Park once leased by AT&T and Lucent Technologies.

Lucent Technologies left the five-story building in 2003, and the joint venture acquired a vacant property in a soft East-West submarket less than a year ago for $14 million, according to property records. The state's department of commerce and economic opportunity is providing OfficeMax with a $20-million incentive package to help sway the company, which has a retail headquarters in Shaker Heights, OH in addition to its corporate office in Itasca. In exchange, the company is promising to bring 600 new jobs to the state.

Although lease terms were not disclosed, the asking rate at 263 Shuman Blvd. has been $21.50 per sf. Visible from I-88, 263 W. Shuman Blvd. has access to the tollway at Naperville Road and Winfield Road interchanges. In addition to an upgraded infrastructure, the building includes a full-service kitchen and cafeteria. "OfficeMax is an ideal fit for the property, and the company's decision to locate here validates both our vision and the long-term strength and appeal of the area," says Michael A. Klein, principal of Chicago-based GlenStar Properties LLC.

OfficeMax plans to begin moving 1,500 retail and contract operations, executive and corporate support employees to 263 Shuman Blvd. next spring, with the move expected to be complete by next fall.

The incentive package includes corporate income tax credits over the next 10 years, a Large Business Development Program grant, job training funds, sales and utility tax exemptions as well as investment tax credits.

Instant Insights /

OfficeMax Picks 361,000-SF Building for HQ

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